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RE: The Devil's Details

in LeoFinance2 years ago

Folks have forgotten how to save money. We feel we need things that honestly we can live without. Many years ago, when I was living from hand to mouth, I started collecting nickel cans for the deposit. Over a year's time, I saved $600.00. That taught me that I could save and got me back on track to putting money away.

But I would never trust a bank for my savings. The laws in America have changed. And if a financial institution goes under today, the depositors are left paying the bill. In 2008 it was a governmental bail out of banks. If it were done today, it would be the bail in and the depositors would be screwed.

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The bail in is a scary proposition, isn't it? I am not sure of the laws in Finland on this, but I suspect it is heading the same way, if not already.

Your can story reminded me of about 15 years ago when my ex and I were saving for a trip to Australia. We already had tickets, but for spending money, we decided to only use cash for six months and all change, went into a jar. It ended up being over 1000€ worth. Not bad!